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Another industry leader Goldman Sachs also announced on Friday the CSRC has approved its increased stake in Goldman Sachs Gao Hua Securities Company Limited to 51 percent. Prior to that, the US investment bank held 33 percent in the joint venture.

Another measure is to accelerate the pace of checking and releasing imported equipment for production and raw materials, the GAC said.

Apart from investment projects, the influx of high-quality international brands has also hastened the consumption upgrade in the Chinese market. L'Oreal Group, which has taken part in the CIIE since its inaugural edition, will introduce five new brands to China at the third CIIE in Shanghai.

Apart from masks, Gejian also produces mask-making machines, goggles, thermodetectors, air purifiers and other protective equipment.

Apart from the contributions of Jayaram, senior partner in McKinsey's Nairobi office, the report is also the work of Omid Kassiri, another Nairobi partner, and Irene Yuan Sun, engagement manager in the company's Washington office. Sun is also the author of the book The Next Factory of the World: How Chinese Investment Is Reshaping Africa.